JACKSON, MI – More than $414 million is what Michigan International Speedway brings into the economy on a yearly basis, officials announced at the annual Mackinac Policy Conference Thursday, May 29.
The Brooklyn racetrack has been a “financial shot in the arm” for southeast Michigan since 1968, with more than 385,000 people visiting each year, MIS president Roger Curtis said at the event, alongside U.S. Sen. Debbie Stabenow and Lt. Gov. Brian Calley at The Grand Hotel on Mackinac Island.
“Hosting a NASCAR Sprint Cup Series weekend is about so much more than simply hosting a stock car race,” Curtis said in a statement. “It’s about jobs, tourism, national visibility, economic impact and a quality of life for Michigan businesses and residents. We look forward to bringing in tourists and their dollars, generating jobs, supporting research and development and the economy and showcasing everything Pure Michigan has to offer.”
The figures are based on a study by University of Michigan researchers. According to the study:
- MIS generates more than $414 million in total economic activity a year, with nearly $173 million of that in direct economic benefit to Michigan.
- The racetrack annually pays $2.4 million in local property taxes and more than $8.3 million in state sales and use taxes.
- The total economic footprint of the speedway and its national effect produces $226.6 million in earnings and 5,413 jobs.
MIS hosts two NASCAR Sprint Cup Series races twice a year and seats more than 72,000 people in its grandstands, according to the report. Tens of thousands of others stay in the infield, suites and campgrounds.
About 60 percent of the racetrack’s guests are from out-of-state and Canada, and its auto racing events are televised live on national networks.
Aside from racing events, the speedway also hosts other entertainment events such as the Michigan Wine and Beer Fest and country music festival Faster Horses.